A client's child will be attending college in 7 years. Assume current tuition and fees are $37, 294, and inflation for college costs averages 1.96 percent. She can earn 9.94 percent on the money she invests for this purpose. The client wants to know how much she will need to set aside today to pay the first year's tuition and fees.

A client's child will be attending college in 7 years. Assume current tuition and fees are $37, 294, and inflation for college costs averages 1.96 percent. She can earn 9.94 percent on the money she invests for this purpose. The client wants to know how much she will need to set aside today to pay the first year's tuition and fees.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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